THE 4 P'S (MARKETING MIX)
Price:
For the quality of clothing you receive from Topshop, their products are priced mid-high with the average item costing on average between £20-£60. Topshop does however have a boutique range which is considerably more expensive, with their most expensive product being £745. Compared to its competitors Topshop does cost a fraction more.
Product:
Topshop sells a range of products from simple cami tops to coats. Topshop specifically caters towards women, but they also have a Topman section within most stores that sells menswear. Topshop offers a huge range of denim products with their most popular item being their jeans. Unlike its competitors, Topshop fails to offer a plus size range, kids clothing and even maternity wear which in turn will reduce the diversity of their custom. In addition to its clothing, they also offer a variation of accessories, bags, shoes, underwear and make-up.
Place:
Topshop has 620 stores and franchises worldwide (in over 40 countries) with 300 alone in the UK. Additionally, they also have concessions in department stores such as Selfridges and Outfit. Topshop stores are usually located in city centres and in shopping centres. Topshop also has an online store and an app where you can purchase their products.
Promotion:
Topshop promotes themselves through various means and methods online and instore. Topshop has an Instagram where they promote their products through a series of images each day, the account is not particularly captivating, but it is however a good way to promote given the fact that 90% of 16-24-year olds now have a smartphone with access to Instagram. Topshop seems to focus their attention on their instore promotions however, with their oxford circus store housing many other things in store such as a cupcake stand, a nail bar and also offers the opportunity to have your own stall in there which you can rent from £286 a day. Its not just Topshop’s huge stores that offer other experiences in store, Topshop Nottingham also offers things such as Gypsie Shrine, which is a small stall that sells glitter and gems and they offer make overs which will draw more people into the store.
Successful marketing is the act of putting the right product, in the right place, at the right time and price. On paper, this sounds like a simple process, but we know it’s not. The problem is that there are millions of wrong products, places, times and prices. It’s a great start, but it doesn’t guarantee marketing success. For that, you need to implement the 4 ps of marketing. Otherwise, you won’t be able to build the proper presence and hit your audiences at the right place, time, price, etc.
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